GLOBAL OILFIELD SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Global oilfield services market is estimated to be valued at USD 134.0 Bn in 2024 and, exhibiting a compound annual growth rate (CAGR) of 3.35% from 2024 to 2031. Global oilfield services market has been witnessing growth significantly over the past few decades due to rising demand for energy. Oilfield services refer to the activities that are carried out at oil and gas fields to support efficient extraction of hydrocarbons. These include services such as drilling, pressure pumping, well completion, coiled tubing, wireline logging, and drilling fluids across onshore and offshore oilfields. Growing demand for crude oil and natural gas from various industries has been promoting greater exploration and production activities, thereby, fueling the need for various oilfield services. Technological advancements in areas such as hydraulic fracturing and horizontal drilling are enabling extraction from unconventional reservoirs, and driving the oilfield services market growth worldwide.

 Market Dynamics:

Global oilfield services market is expected to be driven by several factors in the coming years. Rising energy consumption on the back of fast-paced industrialization and urbanization is significantly boosting demand for oil and gas. This boosts exploration and production spending by operators, and drives the market growth. However, volatility in oil prices poses a major challenge as it leads to fluctuations in exploration budgets. Technological advancements in areas such as hydraulic fracturing and directional drilling are opening up vast unconventional reserves, and thereby, creating new opportunities. This is encouraging operators to ramp up drilling activities. Growing trend of offshore deep water and ultra-deep-water exploration globally also provides new avenues for oilfield service providers. Furthermore, productivity gains from digital transformation of oilfields using IoT, AI, and cloud computing are attracting investments in these advanced technologies.

 Key Features of the Study:

• This report provides in-depth analysis of the global oilfield services market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global oilfield services market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Middle East Oilfield Services LLC, RAAS Oilfield Services & Supplies WLL, FOS Energy LLC, Oman Oil Industry Supplies & Services Co. LLC, CAM Integrated Solutions, GE, Oil States Industries, Nine Energy Service, C&J Energy Services, Rockwell Automation, Churchill Drilling Tools- Coretrax, SPX FLOW, Inc., FMC Technologies, Ensco plc, Petrofac, Transocean, Saipem, SGS, Schneider Electric, ABB
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global oilfield services market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global oilfield services market

Detailed Segmentation-

• By Application:
• • Onshore
  • Offshore
• By Service:
• • Pressure Pumping Services
  • Oil Country Tubular Goods
  • Wireline Services
  • Well Completion Equipment & Services
  • Well Intervention Services
  • Others (Drilling & Completion Fluid Services, etc.)
• By Type:
• • Equipment rental
  • Field Operation
  • Analytical services
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • Middle East Oilfield Services LLC
  • RAAS Oilfield Services & Supplies WLL
  • FOS Energy LLC
  • Oman Oil Industry Supplies & Services Co. LLC
  • CAM Integrated Solutions
  • GE
  • Oil States Industries
  • Nine Energy Service
  • C&J Energy Services
  • Rockwell Automation
  • Churchill Drilling Tools- Coretrax
  • SPX FLOW, Inc.
  • FMC Technologies
  • Ensco plc
  • Petrofac
  • Transocean
  • Saipem
  • SGS
  • Schneider Electric
  • ABB